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Tezos Price Analysis: XTZ retests $4.5 as support, prepares to break higher again?


www.cryptopolitan.com 03 January 2022 14:20, UTC
Reading time: ~2 m

  • Tezos price analysis is bullish today.
  • XTZ/USD retested the $4.5 mark as support.
  • The market currently moves back to the previous high.

Tezos price analysis is bullish today as a strong higher low was set at $4.5 overnight. Since then, XTZ/USD has started pushing higher again, indicating more upside should follow over the next 24 hours.

Tezos Price Analysis: XTZ retests $4.5 as support, prepares to break higher again? 1
Cryptocurrency heat map. Source: Coin360

The crypto market has seen mostly bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.27 and 2.13 percent, respectively. Meanwhile, Tezos (XTZ) trades almost flat.

Tezos price movement in the last 24 hours: Tezos retests $4.5 as support, returns higher

XTZ/USD traded in a range of $4.53 – $4.77, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.82 percent, totaling $134.6 million, while the total market cap trades around $4 billion, ranking the coin in 44th place overall.

XTZ/USD 4-hour chart: XTZ prepares to break above $4.8?

On the 4-hour chart, we can see another push higher beginning today, likely leading the Tezos price to more upside over the next 24 hours.

Tezos Price Analysis: XTZ retests $4.5 as support, prepares to break higher again?
XTZ/USD 4-hour chart. Source: TradingView

Tezos price saw a strong swing higher low set last week. After previously rallying to $5.2, where a major swing high was set, XTZ/USD went into a retracement of almost 20 percent to the $4.20 support.

After some consolidation, the first sign of reversal was seen during the first hours of the year as the market spiked to $4.75. Later more upside was reached at $4.8 previous resistance.

Since then, the Tezos price action has retraced to $4.50 previous resistance, with a reaction higher seen above it earlier today. Likely we will see XTZ/USD continue even higher, pushing above the $4.8 current high next.

Tezos Price Analysis: Conclusion 

Tezos price analysis is bullish today as the $4.5 previous resistance was retested as support and a reaction higher was made. Therefore, we expect XTZ/USD to break further higher high over the next 24 hours.

While waiting for Tezos to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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